GBP/USD: Cable Rides On Wall Street's Gains
ZIFX com | May 06, 2014 03:16AM ET
Open 1.6866
High 1.6905
Low 1.6852
Close 1.6864
On Monday the GBP/USD traded within 45 pip range. The Cable depreciated from 1.6898 to 1.6852 yesterday, in converse with the positive money flow sentiment at around +9%, closing the day at 1.6864. Today the British pound strengthened, and climbed to 1.6905.
On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart new upward channel has formed. First resistance is today's peak at 1.6905. Break above it should extend the bullish movement further towards 1.7030. The nearest support level is yesterday's bottom at 1.6852. Going below it should extend British pound's reduction further down towards next downward objective 1.6730.
Today are UK Halifax house prices and CIPS composite PMI, at 7 and 8:30 GMT respectively.
Quotes are moving above the twisted 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 1.6905 1.7030 1.7164
Technical support levels: 1.6852 1.6730 1.6600
Already made +27 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT+1 Buy GBP/USD at 1.6878 SL 1.6852 TP 1.6938, exit sent at 8:03 GMT+1.
Today so far +47, yesterday +24.
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